The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.
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Started: FrankyRemo, 20 May 2024 10:48
Last post: MeatPopsicle, 21 May 2024 14:11
A lot of tiny trades today. Someone leeching pocket money from mommy and daddy?
Submitting a Final Research Report is a requirement of the Research Permit which is now void - not required.
They have submitted a 'positive' report which is a necessary step required as part of their application for a Full Mining Licence 'FML'. Once ANM-CE have approved that report then Jangada have 12 months to submit a feasibility study with their FML application.
Question is, how long will it take for ANM-CE to approve the Final Research Report?
It's not a case of '...cogs are still turning...slowly', it's more so 'the clock is now ticking'.
Good Look
Below is a a translation of the submission cover letter relating to the positive research report submitted to the National Mining Agency on the 16/5/24. Seems that the cogs are still turning, albeit very slowly!
To the National Mining Agency – ANM/CE
ANM Process No. 48410.800.235/2014-11
Subject: Positive Research Final Report
VTF MINERAÇÃO LTDA., a limited liability company registered under CNPJ/MF number 33.075.465/0001-60, headquartered in the City and State of Rio de Janeiro at Av. Jornalista Ricardo Marinho, No. 360, Room 113, part, Barra da Tijuca, ZIP code 22.631-350, hereby represented by its undersigned administrator, respectfully presents its POSITIVE RESEARCH FINAL REPORT for Iron, Titanium, and Vanadium substances, in accordance with Article 30, Section I, of the Mining Code (Decree Law No. 227 of 27/02/1997), and requests approval of the said report.
In these terms, it is requested.
Ceará, May 16, 2024.
VTF MINERAÇÃO LTDA
Started: smalleyus, 17 May 2024 12:06
Last post: smalleyus, 20 May 2024 09:02
They've reduced the size of the tenement from1093.51ha to 676.87ha.
All part of the procedure.
Good Look
A week to spare, then an extension on the existing GUIA might be the next move.
Good Look
But there is news, it's just not been published!
Have a look on the other place?
Good Look
One of the most sceptical people I've seen on here is surprised of no news? Now I'm worried......
I'm very surprised there hasn't been an RNS today!
Still time!
Good Look
Started: Sneakerking, 19 Apr 2024 15:16
Last post: Sneakerking, 15 May 2024 13:25
The whole reason most of us have invested here is the deposit in Brazil. When did that change?
Brian must be under some sort of NDA with Fodere, stopping any chance of updates. Unique circumstances when a public company can't reassure its share holders. In the end, it will either be the quiet, golden opportunity in a couppe of years.... or quiet flop. Feels risky investing in a company that can't even communicate any optimism relating to Fodere. Bouncing off the walls with frustration after 1 whole year of silence.
Just to add, DC laid out some clear strategic options recently. Maybe they are not right…but I think they are a good place for Brian to start. Remember - he is taking a salary from JAN so it is reasonable to expect some managerial “action”.
Pathetic to see Brian talking up BRES on RNS’s without any update or direction on JAN. If the strategy is exclusively to focus on holdings , then let us know! Then we can directly invest in BRES and forget JAN. We need a re- articulation of the case for JAN - if these recent NvS comments are relevant , we need to know. Current SP is unacceptable and is down 80-90% on highs .
BRES is the place to be invested. In at the ground floor, so to speak. An unrecognised gem, still.
Last post: Troajan, 10 May 2024 12:33
Bitta movement .
Must be overdue a pump from TMS
Just two weeks now!
Good Look
You’ve been right all along smalley. I think it’s time I recognize that. I only wish I had listened to you years ago.
If they do submit a positive final research report by 24-May-2024, which I think they will, it could take a long time for ANM to approve that report:
https://brasil61.com/n/codigo-de-mineracao-entidades-criticam-e-parlamentares-se-dividem-sobre-pl-957-2024-mine240725
Good Look
Started: Sneakerking, 18 Apr 2024 11:30
Last post: Poolefox, 19 Apr 2024 12:21
3 more sells today of £2k
Everyone that wanted to sell have sold. Even the most dedicated have stopped talking about Jangada. Even their investment is going nowhere... sucks to be us, right? All the smart people got out 6 months ago
Tbh i was cheesed off when he concentrated on other investments in last years update and just mentioned how difficult it was negotitating with the Brazilians.We hope Fodere will be exciting but BRES share price hasnt really gone anywhere,trial licence runs out soon and we get a wall of silence.Im down about 77% i just thank god for the rest of my portfolio and wish id never invested in it
At what point do you guys bail on Brian ? This stock has been terrible for me.
Started: Source888, 8 Apr 2024 10:23
Last post: Source888, 8 Apr 2024 10:23
MOST-ACTIVE SINGAPORE MAY IRON ORE CONTRACT RISES 5.1% TO $103.4/METRIC TON.
#IronOre
A reminder. Should hear something soon.
https://www.lse.co.uk/rns/JAN/pitombeiras-update-v89m0pipk87d0b8.html
As I’d hope all know by now, I’m very excited about the affects of fodere tech on pitombeiras. I’m sure it’ll make the project titanium lead I.e. it’ll be the primary revenue generator which
1) will vastly improve the already great economics
2) make the project more amenable to offtaker financing.
It’s what I’ve waited year for!!! I do think something else first though.
It would be good to hear that the 25 tons awaiting shipment to SA in December has actually been processed. Come on Brian, some sort of update soon please!
It’s been quiet too long, but silly to think nothing been going on in the background with the economics on pitombieras and BOD holding. Was discussing with a larger investor start of last week and below (in no order of likihood) were some strategic options/possibilities came up with.
1) sale of pitombieras
2) spin out of pitombieras I.e. list on TSX and make Jan investment vehicle
3) Strategic partner bought in early
4) RTO of fodere into Jan
5) Acquisition. Maybe RTO. Really depends on size/venture
6) one of Brazil new finance initiatives for juniors. They’ve been working on for some time, but details limited…
Either way I see the current MC as crazy right now….
Some news from Jan (about JAN and not share holdings) would be nice. Or are they now an investment company?
Started: Dcat80, 29 Feb 2024 11:39
Last post: Dcat80, 29 Feb 2024 11:39
Https://x.com/jangadamines/status/1763116600952012944?s=46&t=3XShk8fAAPcXjDUtakipOA
For those that can’t see the full article it goes on to include both vanadium and titanium in the list of commodities the fund is aimed at.
Started: Dcat80, 8 Feb 2024 23:41
Last post: Dcat80, 9 Feb 2024 17:39
Well done D220. Frustrating day with mms holding it up hoping for sells and they were gifted one at almost a 15% spread! Just giving mms money! Still ended day 387k buys vs 201k sells so pressure on them continues.
I've done my bit today. I bought 24k shares this morning and have bought another 140k ish this afternoon.
By very little I mean it’s Nt to buy. Fill and kill at 2.3p for 30k shares if anyone wants to buy..
Morning joeman, yep. Like I’ve said mms are short of shares and if we get some further good buying another big move up is on the cards. Very little offered at these levels so a push to 3p+ is possible if buyers step up
Looks like bit of momentum started DCat. Hopefully it will continue for a while longer.
Something I considered other day is I reckon fodere economics will be quite similar to another of my holdings EML. Stage 2 fodere should produce revenues in excess of $600m and have over 20 year stock pile at that run rate. Margins will be good so I think $2b npv is on the cards. Fodere have environmental permitting in place for stage 1 and funding as well.
It’ll be an exciting period when fodere do start more regular newsflow.
$2b npv is also circa 20 times that of the current pitombieras NPV of $100m. So in a way a 5% holding in fodere (Jan currently over 7%), should be just as valuable as pitombieras in its current state (expect fodere tech to
Improve economics considerably).
In meantime comfort can probs sell bres shares if need to as 2 parties shown they are happy buying blocks at 5p with no warrants. Jan has the warrants as sweetener if required..
Circa 1.4m buys vs circa 800k sells at vwap of 2.2p today. That’s after considerable buying on Friday already left mms short of shares.
Was 2.61p to buy 100k shares and probs about £30k buys away from 3p before the idiotic selling below bid and then further selling when Nt to buy. Would have been better to put sell order in than smash it down well below vwap….
Hopefully we see the end of such selling method and buying continues. If so that 3p could be pushed soon as mms are clearly short of stock following the recent but vs sell ratios…
Yep. Little point posting when no one wants to listen.. Fodere has for years been my reason for investing and the update which included commentary on their S Africa plans shows just how profitable Jangada stake on them will be. They’re funded for stage one plant build which should produce revenue of over $120m and fund stage 2. Stage 2 revenue wpuod be nearer $600m+. Opex cheaper than current plants so expect 50%+ margins. They’re a $1b company on the making.
Then Jan has right to fodere tech in S America, not just for use at our project, but throughout S America to licence to other parties. Then of course pitombieras.
Yes fodere are slower to develop plant than hoped, but it’ll be much bigger and they’ve got financing for that larger plant via African development bank. Hopefully now see solid progress for them and later in the year results on pitombieras…
See you are still here DCAT80...
From the SP action looks like someone wants our shares !
Started: Dcat80, 6 Feb 2024 10:38
Last post: Dcat80, 6 Feb 2024 10:41
What I’d really like to see soon is Luis working his magic on new acquisition, with cost down the line in form of royalty on production etc.
He acquired Bravo asset for circa $1.2m before listing it at nearer 100 times that value! Don’t expect the same kind of uplift here, but could be great for Jangada and at least produce more frequent news and reason to buy 🤞
Good to see Bres news today landing just when the jabgada book was set for big move.
I’m less concerned by the Bres day to day share movement. To me 2 entities buying bulk stock at 5p without options means there is likely options for Jangada to reduce their if funds require, especially as can throw in warrants of necessary. It reduces the liklihood of a forced poor placing..
Started: Dcat80, 1 Jan 2024 15:08
Last post: Dcat80, 1 Jan 2024 15:08
Guess no one was going to help sneakerking out on usual cost of a tio2 plant…
The capex for a std tio2 plant capable of producing 80k tonne per annum of tio2 is circa $750m. That requires feedstock of a minimum of 40% tio2.
Within the latest RNS under further information you’ll see the fodere Witibank stage 1 plant will cost circa $75m, is to be fully funded by Africa development bank and will produce circa 32k tonne tio2 (plus other commodities). That’s using the 32% tio2 content feedstock a std plant can’t manage.
Simple maths for you…
If the fodere plant was using 40% feedstock not 32% it’d produce 40ktpa tio2.
2 x fodere plants at $75m each would cost $150m. That’s a $600m saving to a standard plant.
Can you understand the commercial implications of $600m capex savings on a plant? How much would a company wanting to build a tio2 plant pay to use tech which would save them $600m? $100m, maybe $200m?
That’s just a quick and simple way to demonstrate the potential of fodere disruptive tech.. Plus Jangada own the licensing rights for the whole of S America…
The investment in fodere should prove to be very worth while for Jangada, before even considering implications on pitombieras. It’s just a damn shame fodere are taking their time over getting a plant over the line!!!!
Started: BurtonD, 29 Dec 2023 07:01
Last post: riosurfer, 29 Dec 2023 08:25
Interesting article and good to put Jangada in the context of other names. For me, the Jangada £ opportunity is understated and the Fodere tech could do with more explanation. That said, clearer management guidance on milestones needed to make the narrative more exciting.
Started: obone, 27 Dec 2023 16:48
Last post: Dcat80, 27 Dec 2023 20:06
Obone - there has been a seller over last few sessions. Every day selling below the bid and chasing it lower. It puts off buyers. I suspect the 400k sell was same person. Until that style of selling stops I’m largely switching off. Hopefully they’ll be out soon or at least have got the money they need for whatever reason.
Sneakerking - We’ve been through your case about should have kept Valore shares Months ago. If not sold they’d have been multiple placings at Jangada by now and the value of the combined Valore stake would be less than half the value it was sold for by Jangada!
The investments in fodere and bres will definitely produce higher returns, very little doubt about that. I bet you haven’t even calculated the revenue fodere are expecting at stage 1 and stage 2 from the last RNS. Or calculated how much cheaper capex is required building a fodere plant to a standard tio2 plant!
The issue is very much comms and them not having completed on a new acquisition which has been mentioned numerous times. We’ve desperately needed something to work on and produce newsflow, SP is where it is without that happening or any proper disclosed plan. It’s no reflection of the fundamentals.
Again I’ll say to you we’re all frustrated and annoyed, but at least get the facts right and understand what Jangada have and the potential.
The sad part is McMaster could have let half of his stake ride in ValOre metals , which had its uranium property bought by latitude uranium, and subsequently latitude will now be merged with Atha Energy, a uranium powerhouse in the sector. He, and shareholders lost out on so much alpha due to his shortsighted thinking. Latitude is currently at $50m market cap and will be sold at $70m market cap once the merger with Atha is complete in March. Also ValOre is enjoying drilling success at Pedra Branca and still has $10m market cap. Instead he invested in other companies and has done nothing at Pitombeiras for a good year and a half.
The 16:29 marked as a sale is my buy @1.39p.
I don't have L2 anymore and I'm a bit perturbed to see a 481k volume sale at 1.3p just before .
Whats going on...or not going on ?
Started: Sneakerking, 22 Dec 2023 10:17
Last post: Sneakerking, 22 Dec 2023 10:17
The lack of any communication is maddening.
Started: Joeman1, 18 Dec 2023 08:54
Last post: Joeman1, 18 Dec 2023 09:14
Clarification on my last post. Having reread this RNS a couple of times. The 25te sample is for Fodere's precommercial plant.... not expected to be available until mid 2024, so fully understand why the 25Te sample hasn't been shipped.
Still lots of potential but moved out towards H2 of 2024 (assuming we are one of the first test runs scheduled on this pilot plant).
Things are progressing with Fodere.
Great numbers from them too in terms of mineral recoveries so the line "With the Exclusive rights to South America" might end up being the real value in Jangada.... far more than Pitoembieras.
That said, is the 25Te sample waiting to ship a new sample? Disappointed if this turns out to be the same one announced so many months ago.
Started: Sneakerking, 14 Dec 2023 15:09
Last post: NOBONES4THEDOGS, 14 Dec 2023 19:27
Cheer up :) I'm invested as of Day 1 from the IPO!
Seen it up to 10p and down to 1p.
Happy to hold and see how it plays out.
I started investing in JAN in 2020 real terms taking into account inflation i am 76% down so i can beat you there!
Great. I hope I can recover from my 50% downside.
Excuse for a small top up for me today ;)
What’s todays excuse? Where is the CEO?
Started: obone, 11 Dec 2023 08:12
Last post: Dcat80, 11 Dec 2023 22:56
Plunder, I don’t think you get me at all or have even looked at Jan in any detail. A quick glance through my posting or the very few recent RNS would have shown you it’s not FID expected next at Jan. Capex is also very manageable and an IRR of 100% and npv to capex ratio of 5 gives plenty of scope to rework numbers.
Capex inflation will affect all projects in some way or another, variants on split between plant and infrastructure spends etc. personally wouldn’t touch the more marginal development companies as a 20%-30% IRR and NPV to capex ratio circa 1 just doesn’t have enough in it to greed existing holders and financiers, whether expected or god forbid capex overruns.
Other free advise is you really need a strong local team involved in Brazil. Fortunately we have Luis who is certainly one of not the best person we could hope for.
There was more to the UFO move than just Ironore price.
Both have pros and cons, I’ve switched from majority UFO to now majority JAN. r/r right now favours Jan IMO.
Dcat80 I get your frustration as you expect UFO to pass FID stage before Jangada who have been stuck there for a good while, however I wonder if these guys aren't taking their time for real business reasons as I know two companies who got caught out by inflation and rising energy costs during construction and they're in big trouble as they're insolvent while their mines are only half built and they are likely to get swallowed up by majors after administration and equity wipeouts, so this pause in progress might actually be tactical.
SP is frustrating. UFO has bounced 100% from lows on improving iron ore price, yet Jan not really moved…
Brian and Luis previously financed and built mine at Avanco with Appian capital, blackrock and glencore all involved with eventual buy out by Oz minerals. Similar economics with 94% IRR and NPV to capex ratio of 5:1 all in poor copper market.
Luis recently bought asset for bravo for $1.3m before floating it for over $150m
(Retaining over a 50% stake himself…). Not seen anyone else manage something like that & definitely the in country director we want!
We need to see progress and improvement in comms from Brian. Be nice if during this quiet period he’d taken a college course on communications 😂
I increased my holding today based on our 8.5% BRES progress.
Mind you, I am deeply under water and hope to see some SP recovery here !
Started: Dcat80, 3 Oct 2023 08:20
Last post: Dcat80, 5 Dec 2023 20:24
I’m sure we’re all hoping you got the lows and pretty confident you’ve one of the better averages. Assets are very exciting, just needs to wake up!
Got what I wanted last week. Slightly above my target price. All prepared to wait for delivery.
Good luck 👍
Been unfortunate in some other holdings where I’ve waited too long to increase at the lower levels. Selfishly I hope it doesn’t happen again here. But, what will be will be. GL
Thanks for sharing your knowledge here Dcat.
There is plenty of news due/overdue
1) Updates on private company called Fodere which Jan have circa 7% interest in. They should be making solid progress towards being producer in 2024 with revenues circa $100m on high volumes. Previously advised would be funded 100% by debt. That’s just stage 1. If all goes well then stage in later years would increase throughput and see revenue of nearer $500m. Market unaware of fodere, but if all goes to plan it’s a $1b+ MC companyat stage 2.
2) Updates on Jangada pitombieras project. We’re waiting on ore being tested using Fodere propriety tech. All going well this would vastly increase the titanium credits, therefore project economics and attractiveness to offtakers to fund the project
3) New acquisition. Been mentioned since start of year. In country director taking lead on these negotiations. BOD are targeting non core assets of majors with unicorn potential and where any payment is down the line on milestones. Whilst no specifics are known the last acquisition made by this director was for $1.3m with it being floated shortly after for over $100m. So it’s the dark horse as in we don’t know what it could be, but the Director negotiating has form and could be transformational.
There’s not been any meaningful update for 18mths which has punished company and lead to lots forgetting the excitement. Pitombieras project already has a post tax IRR of 100% and npv $97m and trial mining licence in place. In current set up iron ore is chief commodity. Recent increase in iron price also helps make project in its pre fodere plant scenario more likely for offtaker funding (although think it’s fodere plant option that will be most likely route).
Took a starter position today. Will add on any dip from here.
Started: Dcat80, 23 Nov 2023 09:06
Last post: Dcat80, 23 Nov 2023 09:06
First time I’ve seen an iron ore offtake with a junior for a very long time.
Hopefully sign market is improving along with the recent iron price surge 🤞🤞
https://themarketherald.com.au/fenix-inks-wa-iron-ore-offtake-deal-with-privately-held-10m-2023-11-20/
Started: InvestingGenius, 21 Nov 2023 10:16
Last post: techguru91, 21 Nov 2023 10:34
Looks good to be fair. I took some a couple of weeks ago as its fallen a long way and doesn't appear to be much downside risk around this 2p mark. Few more buys and it'll back towards 3p
Looks like this may be back in play soon
Started: Sneakerking, 2 Oct 2023 14:22
Last post: Dcat80, 2 Oct 2023 16:48
HMI is and always has been about sales. All else there is noise. They started off not having licence to sell much and from low volumes, got the licensing to produce more and increased sells. It became a buy around summer 2021 with the headwinds of increasing sales. 5 bagger from there. This year the fertilizer sector in Brazil has crashed and HmI sales to (competitors also hit…), SP reflects that. If they can’t get sales then like any company you have to ask is there a business there?
It highlights why most mines and certainly those with anything but a small Capex requirement need offtake agreements before the build will be funded. Financiers need proof of sales basically,
Pitombieras is only getting funded by offtakers. Why we’ve been waiting so long… With offtaker agreement there wouldn’t be sake issue here though..
This is simple stuff. Make an effort to understand it. Lazy to blame BOD and not know the underlying issue, PIs that do tend to make same mistakes at different companies with different BOD. Instead know the business. It’s what I’ve been discussing for years, but feels like falls on deaf ears!
What has Brian done to Harvest Minerals? I cannot trust this man!
Started: Sneakerking, 14 Sep 2023 20:39
Last post: Dcat80, 14 Sep 2023 22:17
Look at latitude and Valore SP graph. Simply combining the market cap totally ignores,
A) the legacy latitude share count, it wasn’t a new co formed for angilak
B) latitude placing to fund their exploration
C) the placing at Valore to fund work at Pedra Branca
Latitude in particular might go in a good run now with uranium market being hot, so at somepoint the value might exceed the total Jangada got, but even if does it could hardly be foreseen when Jangada sold years earlier, plus we’d have placed.
I’d really like to see Fodere updates soon on their own operations. I’m very confident they’ll be demonstrating the investment made in them will be very valuable and in the not too distant future. Their S Africa plant fully funded by a development bank is now going to be 5 times larger than initially planned! The lack of engagement from them as well as their delays is actually more frustrating for me than waiting for pitombieras, which I appreciated would take some doing the test work.
Latitude has 60m market cap. ValOre has 10m. Combined they are approaching all time high market cap for ValOre shareholders. I get your reasoning with the placement and it’s easy to second guess now but leaving half of Jangada’s stake in ValOre probably would of been wiser move as ValOre shareholders got large stake in Latitude now.
Jangada sold their Valore shares at 30c plus, they’re now at 6c. The small rise in price of latitude uranium from the spin off from Valore doesn’t even begin to cover the difference between 6c and 30c!!
We’d also have had a placing by now if we’d just held the Valore shares…
Brian actually done well in selling when he did, both for price and when liquidity to do so.
What is to be seen is whether spending £1m on bres was wise or if he’d have been better off conserving Jangada cash.
I understand frustration on both SP and lack of updates, but BOD bashing for sake of it isn’t going to help. Phone Samaritan’s instead
Brian would have been better off keeping all of Jangada’s shares in ValOre. Their Angilak deal has made ValOre shareholders a good sum. Brian could have then sold out his shares at a much higher valuation. Poor management decision.
Started: Joeman1, 8 Sep 2023 07:37
Last post: Dcat80, 8 Sep 2023 10:17
It’s accounts…. They’re a backwards looking statement and not an operational update, which will follow when there is an update!!
# 'I don't believe this stock will move very'
Why ain't there a bl***dy edit button!🙄
# 'I don't believe this stock'
Seem a very fluffy RNS.
"To this end, our path towards commencing development, and subsequent production, subject to, inter alia, funding, "
"Our next steps include upscaling the testwork to deliver an additional economic study to further explore the project parameters."
No definitive dates or timescales or potential fund raising parameters for Pitombeiras stated.
It hasn't even been confirmed if the 25T test sample proposed previously has even been despatched.
I don't this stock will not move very far based on investee company results alone.
So much potential here but one for the bottom drawer for now...
Honestly...... I posted that before the RNS dropped on this site.